Venezuela GDP Growth Rate

The Gross Domestic Product (GDP) in Venezuela expanded 6.80 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Venezuela averaged 0.83 percent from 1997 until 2013, reaching an all time high of 22.70 percent in the second quarter of 2003 and a record low of -15.30 percent in the first quarter of 2003.

GDP Growth Rate in Venezuela is expected to be -10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Venezuela to stand at -4.00 in 12 months time. In the long-term, the Venezuela GDP Growth Rate is projected to trend around -2.00 percent in 2020, according to our econometric models.

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Venezuela GDP Growth Rate

Venezuela is a state-controlled economy and the fifth biggest in Latin America. From 1997 to 2012, the country has been growing at an average rate of 0.75 percent on a quarter over quarter basis, mostly due to exports of oil. Venezuela has the largest proven oil reserves in the world. Oil accounts for 96 percent of total exports and for 12 percent of the GDP. Yet, in order to reach its full growth potential, the country needs to reduce its dependence on oil revenue; increase competition in the energy sector; improve its infrastructure and reduce the levels of poverty and inequality. This page provides - Venezuela GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2019.